If you own a small business, or are just setting one up, you have a lot of concerns, from creating a business plan to setting up your storefront, stocking inventory, marketing and product development. Those issues require the lion’s share of your time and energy, leaving you little time to consider your business insurance needs. Fortunately, there are experienced insurance agencies whose representatives can help you assess your needs and navigate your options.
How Do I Assess My Business Insurance Needs?
Every business is different, which means you need insurance coverage customized to your industry and specific needs. For example, businesses which operate vehicle fleets will need commercial auto insurance in the event one of those vehicles causes damage to other vehicles or individuals. Many businesses will need insurance to cover theft and crime. Businesses with large inventories need commercial property insurance against inventory losses. If you have employees, you need to consider workers compensation insurance.
What Are the General Categories of Business Insurance?
Business insurance can cover a wide range of contingencies, from building and personal property protection to fire legal liability, crime and theft. There are many insurance options you’ll need to consider, and most fall into one of 7 general categories:
- Business owners policy: this is a customized insurance policy that combines property, commercial general liability, and crime insurance, as well as additional coverage types based on your needs.
- Commercial auto insurance: this type of policy ensures that your vehicles, products, and drivers are insured in the event of property or vehicle damage, bodily injury, and legal costs.
- Commercial general liability: this prevents major financial losses if your business is sued or held legally responsible in the event of bodily injury or damage. With the proper policy, you can have most medical expenses, attorney fees, settlements, and reimbursements covered.
- Commercial property insurance: this type of insurance ensures that the building itself and the personal property of your business is protected from minor accidents or a major financial loss.
- Commercial umbrella insurance: this protects your business and your assets in the event that your company gets sued in a major lawsuit and provides your business with additional coverage should a lawsuit or major accident exceed the limits of your existing general, auto, or other business liability policy.
- Professional liability: professional liability coverage insures the people and/or entities of your business from negligent claims made by third parties.
- Workers compensation: this type of insurance allows your business to ensure payments and cover expenses if an employee is injured from a work-related accident.
How Do I Choose the Best Insurance Agency for My Business?
You need to work with an insurance agency with deep experience in business insurance, and one which offers a full range of business insurance options to meet all your needs, now and in the future. It’s important to keep in mind that your business will grow over time—although you might not need commercial auto insurance or umbrella insurance now, you might down the road. Choosing an agency that offers all major types of business insurance means you won’t have to change agencies as your needs change.
You should also look for an agency which is locally owned and operated, and which has deep roots in your local community. This personalizes the service you receive and makes it easier to contact and meet with an agent when you need to.
Axelrod Insurance Services is a locally owned and operated insurance agency in San Diego, CA. We are committed to providing quality insurance products to meet all your business insurance needs. Our team of insurance professionals has many years of collective experience writing personal and commercial insurance policies customized to our clients’ needs, and will work closely with you to develop both the policy you need and an enduring business relationship. To discuss your business insurance needs with a member of our team, contact us today.